Event risk before this expiration:FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
■ put-side pain■ call-side painTotal payout option writers would owe at each settle price (both sides, all open interest, ×100 shares) — low settles hurt put writers, high settles hurt call writers. The minimum — 36 — is the max pain price.
Open interest by strike · Fri, Jan 21
■ calls (up)■ puts (down)PLTU open contracts per strike for Fri, Jan 21.
Open-interest change: building vs unwinding
Needs two observed snapshot days for this expiration; the comparison appears automatically once the next weekday snapshot lands. We diff real observations only; nothing is estimated.
Volume by strike · Fri, Jan 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 21
— call IV— put IVATM ≈ 109.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 21
Net dealer gamma per strike, in dollars per 1% move, assuming the standard convention (dealers long calls, short puts) — an assumption, not an observation. Above the amber flip level hedging tends to dampen moves; below it, to amplify them.
Greeks by strike · Fri, Jan 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.87
-0.01
28
0.0025
0.12
-0.01
-0.10
0.84
-0.01
35
0.0030
0.15
-0.02
-0.13
0.83
-0.02
36
0.0031
0.15
-0.02
-0.14
0.76
-0.02
50
0.0039
0.19
-0.02
-0.21
0.75
-0.02
52
0.0040
0.20
-0.02
-0.22
0.73
-0.02
55
0.0041
0.20
-0.02
-0.23
0.71
-0.02
60
0.0043
0.21
-0.02
-0.25
0.69
-0.02
65
0.0045
0.22
-0.02
-0.28
0.67
-0.03
70
0.0046
0.23
-0.03
-0.30
0.65
-0.03
75
0.0048
0.24
-0.03
-0.32
0.63
-0.03
80
0.0048
0.24
-0.03
-0.34
0.61
-0.03
85
0.0049
0.25
-0.03
-0.36
0.59
-0.03
90
0.0050
0.25
-0.03
-0.38
0.56
-0.03
100
0.0051
0.26
-0.03
-0.41
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Δ per $1 of underlying · Θ per day · vega per IV point.
Stacked — layer the expirations
Call open interest per strike, stacked across the checked expirations — each color is one expiry. Strikes are pruned to the liquid center of each chain.
Max pain is arithmetic, not prophecy: the settle price that would minimize what option writers pay out at expiration, computed from open interest alone. Prices sometimes gravitate toward heavy strikes into expiry — dealer hedging is a real flow — but the evidence that max pain predicts settlement better than chance is mixed, and we are not going to pretend otherwise. Use it as a map of where positioning is stacked, next to the fundamentals and the earnings calendar, not as a target.
Data: Cboe delayed public feed (~15 minutes), refreshed here about every 15 minutes. Open interest itself updates once daily, before the open. Educational information, not investment advice.